Star Holdings Reports First Quarter 2026 Results
Rhea-AI Summary
Star Holdings (NASDAQ:STHO) filed its Form 10-Q for the quarter ended March 31, 2026, reporting net loss attributable to common shareholders of $10.3 million and loss per share of $0.85. Results include a $2.2 million non-cash mark-to-market adjustment related to approximately 13.5 million shares of SAFE that reduced EPS by $0.18.
During Q1 the company received loan repayments totaling $13.7 million (a $10.6 million mezzanine loan and a $3.1 million senior mortgage) and repurchased ~0.2 million common shares for $2.0 million at an average $8.45 per share. The company reiterated focus on monetizing real estate assets and maximizing cash flow.
AI-generated analysis. Not financial advice.
Positive
- Net cash inflow from loan repayments of $13.7 million
- Share repurchase of $2.0 million at average $8.45 per share
- Owns ~13.5 million SAFE shares (mark-to-market disclosed)
Negative
- Net loss attributable to common shareholders of $10.3 million
- Loss per share of $0.85
- $2.2 million non-cash mark-to-market adjustment reduced EPS by $0.18
News Market Reaction – STHO
On the day this news was published, STHO gained 0.23%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
STHO was up 0.28% while momentum peers OPAD and CHCI showed median moves near -1.8%, indicating company-specific trading vs. generally weaker real estate services peers.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 17 | Q4/FY25 earnings | Negative | +1.2% | Large FY25 net loss driven by non-cash SAFE mark-to-market charge. |
| Nov 07 | Q3 2025 earnings | Positive | +2.9% | Quarterly net income, SAFE mark-to-market drag, and active asset monetization. |
| Aug 07 | Q2 2025 earnings | Negative | -1.3% | Large net loss from non-cash SAFE adjustment despite strong land sales. |
| May 12 | Q1 2025 earnings | Negative | -2.0% | Quarterly net loss with SAFE mark-to-market and moderate land revenues. |
| Feb 18 | Q4/FY24 earnings | Negative | -0.9% | Very large SAFE-driven non-cash losses overshadowing profitable asset sales. |
Earnings updates often highlight sizable unrealized SAFE-related swings, with mostly negative price reactions and one notable divergence when non-cash losses were large.
Over the last five earnings releases from Feb 2024 through Feb 2026, Star Holdings has repeatedly reported net losses driven by non-cash mark-to-market adjustments on roughly 13.5 million SAFE shares, alongside ongoing asset sales and share repurchases. Some quarters, like Q3 2025, showed positive net income and favorable reactions, while larger loss periods generally saw mild declines. Today’s Q1 2026 results continue the pattern of SAFE-driven volatility and portfolio monetization through land sales, loan repayments, and buybacks.
Historical Comparison
Past earnings headlines for STHO produced an average move of about -0.02%, with mostly mild downside and one positive outlier after a large non-cash SAFE loss.
Earnings releases show ongoing liquidation of Asbury Park and Magnolia Green assets while recurring SAFE mark-to-market swings drive bottom-line volatility over time.
Market Pulse Summary
This announcement details Q1 2026 results, including total revenue of $20.9M, a net loss of $14.5M, and EPS of $(0.85), with a $2.2M unrealized loss on the SAFE stake weighing on earnings. Management continued its runoff strategy, highlighted by loan repayments and share repurchases. Investors may track future updates on land sales, the value of the $183.0M SAFE position, and the company’s ability to manage its $207.0M debt while monetizing legacy assets.
Key Terms
form 10-q regulatory
mark-to-market financial
mezzanine loan financial
senior mortgage financial
AI-generated analysis. Not financial advice.
Net income (loss) attributable to common shareholders for the first quarter was (
During the first quarter, the Company received two loan repayments, including on a
Further details regarding the Company's results of operations, assets and activities are available in the Company's Form 10-Q for the quarter ended March 31, 2026 which is available for download at the Company's website www.starholdingsco.com or at the Securities and Exchange Commission website www.sec.gov.
* * *
Star Holdings' (NASDAQ: STHO) portfolio is comprised primarily of interests in the Asbury Park Waterfront, the Magnolia Green residential development projects and other commercial real estate properties and loans that are for sale or otherwise plan to be monetized. Star Holdings also owns shares of Safehold Inc. (NYSE: SAFE). Star Holdings expects to focus on realizing value for shareholders from its portfolio primarily by maximizing cash flows through active asset management and asset sales. Additional information on Star Holdings is available on its website at www.starholdingsco.com.
Company Contact:
Pearse Hoffmann
Senior Vice President
Head of Corporate Finance
T 212.930.9400
E investors@starholdingsco.com
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SOURCE Star Holdings